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Friday Tidbits: Goldman, AIG, Private Equity

October 9, 2009

AIG Headquarters Going Residential

The buyer of AIG’s headquarters building, Young Woo, has plans to flip out the top portion of the building as condos. The building was bought for around $100 psf in June. Various estimates peg the price the condos could fetch at $1,000 – 2,000 psf.

[via WSJ]

Goldman Working on a CMBS Issuance

Goldman Sachs is working on bringing back the CMBS market with the help of the Fed. This would be the first issuance since June 2008 according to Bloomberg. It’s hard to believe this is the first bond sold since June 2008, but at $400M it isn’t more than a drop in the bucket. But perhaps it could open the way for more, and every little bit helps.

[via Bloomberg]

Pretend and Extend

Okay, this term is everywhere. It was somewhat funny when we first heard it, but now every time somebody talks about banks and commercial mortgages, this is the first thing they said. Let’s come up with some new material.

Q3 2009 Private Equity Real Estate Fundraising back to 2003 Levels

Money has been pouring into public offerings, but on the private offering side, fundraising has been slowing to a trickle. This news comes on the heels of Stanford announcing that it is looking to get out of some $1 Billion worth of investments it has made in private equity and real estate.

Private-equity real-estate funds—which helped drive the commercial-property craze of the mid-2000s—have seen their quarterly fund-raising dwindle to levels last seen in 2003, according to a new report today by research firm Preqin. The funds raised just $4.9 billion in the third quarter of 2009, compared to $10 billion in the previous three months and a record $40 billion in the third quarter of 2008.

[via WSJ Blog]



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